Wonga Loans – What You Should Know

Wonga is an online short term loan provider based in South Africa. They offer their users many different loan options that make them a preferred provider for short term loans. They have an ultra fast processing system that allows its customers to apply and get your loans extremely quickly! 

Besides loans, Wonga has many articles trying to educate their customers on the dangers of illegal loan providers. They provide insight into what to look out for and how to avoid these scams. This shows their dedication to serving their customers. 

About Wonga Loans 

They are different

Wonga is different than other online lenders. Their sophisticated risk- and decision technology makes it easy to apply and approve. Wonga is the only company to completely automate the lending process. They can make objective and responsible decisions 24 hours a day. Their service is completely online and available 24/7. There are no paper requirements, no meeting with a bank manager, and no waiting on hold for hours. Their service is also flexible. Applicants can choose how much cash and how long they need it. Customers are not required to borrow a set amount or pay interest for a longer period than they need.

They are responsible

Wonga provides short-term loans up to three months for new customers and six months for existing customers. Wonga makes money when customers pay us back quickly and not by constantly increasing their credit limit. Responsible lending is something they take seriously.

Wonga moments

Although it would be ideal if everyone didn’t need to borrow money, the reality is that every person has the occasional Wonga moment. These are times when an unexpected expense or purchase occurs out of nowhere, and at an extremely bad time. You have to get cash quickly if you want to be able to pay your bills for a few days, weeks or even months. It’s better to solve short-term cash flow problems quickly than long-term ones. You don’t have to worry about the car, urgent bills, or your anniversary. Wonga can help!

Benefits 

  • They are flexible.
  • They are committed to you.
  • They are transparent.

Are Wonga Payday Loans Fast? 

Yes! Wonga pays out your loan on the same day! 

In the past, you had to take a taxi, a bus, or drive to a lender. The next step is to locate supporting documents such as proof of address, bank statements and payslips. These documents will need to be printed and submitted to the lender to verify and access your loan request. The process could take several days before you get your money. 

The process of applying for quick online payday loans South Africa is faster and easier. You can apply online and get your money the next day from lenders such as Wonga Loans. You can even submit all of your documents online. 

Do you think you might be eligible for a Wonga loan?

Sometimes we forget to make payments, sometimes we make mistakes and sometimes, it is impossible to afford the payment. Talking to creditors will help resolve these issues. Credit scores can be affected by these conditions. This score is used for lenders to determine if you’re too high-risk to loan money.

South African lenders must comply with strict regulations imposed by the National Credit Regulator. To ensure responsible lending, these lenders will evaluate each borrower’s affordability and risk.

Financial information is needed to determine eligibility. There are many methods to increase your credit score. Ooba has six easy steps you can use to increase your credit rating. These steps can quickly improve your credit rating.

What is the definition of a South Africa payday lender?

Payday loans can provide short-term borrowing solutions. Your income is used to determine how high-interest credit the lender will provide. The principal of a payday lender’s loan is typically a percentage of your next paycheck. Payday loan are not affordable, especially for those with bad credit. These loans can also go by the names “cash advanced” and check advance loans.

Understanding payday loan terms

South Africa’s payday loans, which are unsecured personal loans for individuals without collateral, are subject to high interest rates and do not have security.

The cost of an online payday advance

There are some fees involved in online payday loans. These fees are similar to traditional payday advances. These costs include:

  • Interest – Interest on amounts owing will be charged
  • Initiation charges – These one-time fees are payable at the beginning your loan term.
  • Service Fees – These fees are ongoing charges that you pay while the loan remains available.
  • VAT – All fees are subject to VAT